Guide To Learn, Inc: Bloghttp://www.guidetolearn.com/BlogMon, 19 Mar 2018 14:13:23 ZBlogRSSBlog:5http://www.guidetolearn.com/payment-schedules-in-mirosoft-dynamics-axPayment schedules in Mirosoft Dynamics AX<p>Payment schedules allow you to define custom rules that govern the payments being maintained in the system. In order to use the payment schedules you must create payment schedules, attach these schedules to Purchase orders and/or Vendor Invoices.</p>
<p>When running the payment proposal for the vendor invoices using invoice journals the system automatically considers the payment schedule at the invoice and suggests the payments accordingly. If you are using Vendor Invoice document at the time of posting the system automatically considers the payment schedule.</p>
<p>To create a Payment Schedule navigate to Accounts Payable &agrave; Setup &agrave; Payment &agrave; Payment Schedule.</p>
<p>In this example I will create 3 types of Payment schedule &amp; see the impact on the payment entries.</p>
<p><strong>When the Payment entries are to be distributed on a monthly basis &amp; based on some %. For instance, 10% in 1<sup>st</sup> month, 20% in 2<sup>nd </sup>month, 50% 3<sup>rd</sup> month and 20% on the 4<sup>th</sup> month.</strong></p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/1.png" alt="" width="428" height="275" /></p>
<p>In the above setup, the payments are to be made on a monthly basis and on specific percentage.</p>
<p>When creating a Purchase order or Vendor Invoice the payment schedule is defined at the Header. Create a Payment Journal and on the lines select payment proposal</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/2.png" alt="" width="403" height="88" />Assuming you choose a proper vendor whom for which you have selected the payment schedule for and there are no other invoices and the total invoice amount is 100 USD the system will propose the Payment entries as below.</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/3.png" alt="" width="570" height="313" /><strong>When the Payment entries are to be distributed on a monthly basis and on fixed amount</strong></p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/4.png" alt="" width="425" height="242" /></p>
<p>When creating a Purchase order or Vendor Invoice the payment schedule is defined at the Header. Create a Payment Journal and on the lines select payment proposal</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="http://www.guidetolearn.com/Content/Images/uploaded/2.png" alt="" width="403" height="88" /></p>
<p>Assuming you choose a proper vendor whom for which you have selected the payment schedule for and there are no other invoices and the total invoice amount is 100 USD the system will propose the Payment entries as below.</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/5.png" alt="" width="545" height="328" /><strong>When the Payment entries are to be allocated on Total</strong></p>
<p><strong><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/6.png" alt="" width="400" height="232" /></strong></p>
<p>When creating a Purchase order or Vendor Invoice the payment schedule is defined at the Header. Create a Payment Journal and on the lines select payment proposal</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="http://www.guidetolearn.com/Content/Images/uploaded/2.png" alt="" width="403" height="88" /></p>
<p>Assuming you choose a proper vendor whom for which you have selected the payment schedule for and there are no other invoices and the total invoice amount is 120 USD the system will propose the Payment entries as below.</p>
<p><strong><img style="display: block; margin-left: auto; margin-right: auto;" src="/Content/Images/uploaded/7.png" alt="" width="409" height="235" /></strong></p>
<p>&nbsp;</p>2015-11-12T11:30:29-08:00Blog:4http://www.guidetolearn.com/regarding-statistic-transactions-journal-typeRegarding Statistic Transactions Journal type<p><span class="remaining-body">As I have mentioned before, I recommend using the cost accounting module instead of using the "Statistic Transactions" journal type. Since statistic transactions journal type was once part of the "old" outdated cost accounting module and cannot be used anymore.<br /> Please refer to <a class="linkified" href="https://technet.microsoft.com/en-us/library/aa585226.aspx" target="_blank" rel="nofollow noreferrer">https://technet.microsoft.com/en-us/library/aa585226.aspx</a> and you notice even though Microsoft has not removed the old journal type there isn't any form that you can use this type of a journal as of version 2012. <br /><br /> Started from AX 4.0 There is no need to use a special journal. Starting from AX 4 you can simply have a zero value General Journal, so long as a Quantity is entered on the General tab. As a reminder you would need to add quantity field to be added to the journal by using personalized option.<br /><br /></span></p>2015-09-14T16:15:42-07:00Blog:3http://www.guidetolearn.com/letter-of-credit-or-import-collection-for-the-import-of-items-in-dynamics-ax-2012-r3-cu9Letter of credit or import collection for the import of items in Dynamics AX 2012 R3 CU9<p>Letters of credit are used for international transactions to ensure that payments will be made. A letter of credit is an agreement that is issued by a bank, in which the bank agrees to ensure payment on behalf of the buyer, if the terms of the agreement between the buyer and seller are met. Note that a letter of credit is also referred to as a documentary credit (DC).</p>
<p>For an import letter of credit, the legal entity is the buyer or the applicant for the letter of credit. For an export letter of credit, the legal entity is the seller or the beneficiary of the letter of credit. The following parties are involved with a letter of credit:</p>
<ul>
<li>
<p>The applicant (buyer) who intends to pay for the goods.</p>
</li>
<li>
<p>The beneficiary (seller) who will receive the payment.</p>
</li>
<li>
<p>The issuing bank that issues the letter of credit.</p>
</li>
<li>
<p>The advising bank that carries out the transaction on behalf of the applicant.</p>
</li>
</ul>
<p>The letter of credit includes a description of the goods, any required documents, the date of shipment, and the expiration date after which payment will not be made. The issuing bank collects a margin for the letter of credit.</p>
<p>A letter of credit can be <strong>Revocable</strong> or <strong>Irrevocable</strong>. The nature of a letter of credit can be <strong>Transferable</strong>, <strong>Non transferable</strong>, or <strong>Revolving</strong>. Typically, a letter of credit is an irrevocable and confirmed agreement that payment will be made to a specific beneficiary upon submission of complete and accurate shipping documentation.</p>
<p>A letter of credit allows you to:</p>
<ul>
<li>
<p>Generate a report of the bank facilities and their uses.</p>
</li>
<li>
<p>Generate the entries for the letter of credit.</p>
</li>
<li>
<p>Print the letter of credit application form.</p>
</li>
<li>
<p>Enter the letter of credit details.</p>
</li>
<li>
<p>Amend the letter of credit.</p>
</li>
<li>
<p>Record letter of credit margin payments.</p>
</li>
<li>
<p>Allocate a margin amount to shipments.</p>
</li>
<li>
<p>Associate a packing slip in a purchase order with the letter of credit shipment details.</p>
</li>
<li>
<p>Process a payment for the invoice.</p>
</li>
<li>
<p>View the cash flow forecast according to the letter of credit.</p>
</li>
<li>
<p>Print various reports and inquiries related to the letter of credit.</p>
</li>
<li>
<p>Generate a vendor statement.</p>
</li>
</ul>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Activate the letter of credit as a bank document</span></a></strong></span></div>
<div class="sectionblock">
<p>You must activate the letter of credit as a bank document before you initiate transactions that involve letters of credit.</p>
<ol>
<li>
<p>Click <strong>Cash and Bank Management</strong> &gt; <strong>Setup</strong> &gt;&nbsp;<strong><strong>Cash and Bank Management</strong> parameters</strong>.</p>
</li>
<li>
<p>On the <strong>Ledger</strong> link, click the <strong>Bank document</strong> FastTab.</p>
</li>
<li>
<p>Select the <strong>Enable import letter of credit</strong> check box to activate the letter of credit.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
</ol>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Set up the bank facilities and posting profiles</span></a></strong></span></div>
<div class="sectionblock">
<p>You can set up bank facility types and bank facility groups in the <strong>Bank facilities</strong> form. After the bank posting profile is set up, you can create facility agreements.</p>
<ol>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Setup</strong> &gt; <strong>Bank documents</strong> &gt; <strong>Bank facilities</strong>.</p>
</li>
<li>
<p>On the <strong>Facility groups</strong> link, click <strong>New</strong> to create a new bank facility group.</p>
</li>
<li>
<p>In the <strong>Facility group</strong> and <strong>Description</strong> fields, enter the bank facility group name and description.</p>
</li>
<li>
<p>Click the <strong>Facility types</strong> link, and then click <strong>New</strong> to create a new facility type.</p>
</li>
<li>
<p>Enter a unique code in the <strong>Facility type</strong> field, and then in the <strong>Facility group</strong> and <strong>Facility nature</strong> fields, select the group and nature of the bank facility.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Setup</strong> &gt; <strong>Bank documents</strong> &gt; <strong>Bank documents posting profile</strong>.</p>
</li>
<li>
<p>In the <strong>Settle account</strong> field, select the main account for settlement. This account is used when calculating the cash flow forecast.</p>
</li>
<li>
<p>In the <strong>Charges account</strong> field, select the account for expense transactions.</p>
</li>
<li>
<p>In the <strong>Margin account</strong> field, select the account for the margin transaction. This account is debited when the opening margin is posted and credited when the payment is posted. A margin is an advance payment to the bank that is adjusted by the bank when the final settlement is made by the buyer. &nbsp;</p>
</li>
<li>Close the form to save your changes.</li>
</ol>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Create a bank facility agreement</span></a></strong></span></div>
<div class="sectionblock">
<p>You must create bank facility agreements that record various facilities provided by the bank. Bank documents can be used in transactions only after facility agreements are created. The bank assigns a limit for the letter of credit, which is recalculated every time a letter of credit transaction is recorded.</p>
<p>When a facility agreement ends, you can create a new version of the agreement, with new starting and ending dates, by extending the old agreement.</p>
<ol>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Setup</strong> &gt; <strong>Bank documents</strong> &gt; <strong>Bank facility agreements</strong>.</p>
</li>
<li>
<p>Press CTRL+N to create a new line.</p>
</li>
<li>
<p>In the <strong>Agreement number</strong>, <strong>Bank account</strong>, <strong>Start date</strong>, and <strong>End date</strong> fields, enter the agreement number according to the agreement with the bank, the account number at the issuing bank, and the validity period of the agreement.</p>
</li>
<li>
<p>On the <strong>General</strong> FastTab, click <strong>Add line</strong>. Facility agreements cannot have overlapping dates. For example, if an agreement extends from January 01, 2015 to August 31, 2015, you cannot create another facility agreement that begins or ends within that period.</p>
</li>
<li>
<p>In the <strong>Facility type</strong> and <strong>Limit</strong> fields, select the facility type, and then enter the facility amount that was negotiated with the bank. The <strong>Amount used</strong> field displays the amount that is currently used for the letter of credit.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
<li>
<p>In the <strong>Bank facility agreements</strong> form, select the facility agreement that is no longer active, and then click <strong>Extend</strong> to extend the term of the agreement.</p>
</li>
<li>
<p>In the <strong>New agreement number</strong> and <strong>End date</strong> fields, enter the new agreement number as assigned by the bank and the desired ending date of the agreement, and then click <strong>Extend</strong>. The value in the <strong>Start date</strong> field of the extended agreement is the day after the selected agreement&rsquo;s end date. The <strong>Amount used</strong> field is set to zero because this is a newly created agreement.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
</ol>
<div><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Set up vendor bank accounts</span></a></strong></div>
<div class="sectionblock">
<p>Vendor bank accounts must be specified for the letter of credit transactions to be recorded appropriately.</p>
<ol>
<li>
<p>Click <strong>Accounts payable</strong> &gt; <strong>Common</strong> &gt; <strong>Vendors</strong> &gt; <strong>All vendors</strong>. Select a vendor, and then on the <strong>Vendor</strong> tab, in the <strong>Setup</strong> group, click <strong>Bank accounts</strong>.</p>
</li>
<li>
<p>In the <strong>Vendor bank accounts</strong> form, enter the <strong>Bank account</strong> and <strong>Bank account number</strong> information, along with any other details.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
</ol>
<p><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Create a purchase order and enter the letter of credit details</span></a></strong></span></p>
<div class="sectionblock">
<p>A letter of credit is associated with a purchase order to process vendor transactions with minimal manual intervention. The involved parties are the buyer (applicant), the seller (beneficiary), the issuing bank (buyer&rsquo;s bank), and the advising bank (beneficiary&rsquo;s bank). When a company is both the buyer and applicant for the letter of credit, the letter of credit is called an import letter of credit. Purchase orders that are associated with letters of credit are not considered for summary invoicing.</p>
<ol>
<li>
<p>Click <strong>Procurement and sourcing</strong> &gt; <strong>Common</strong> &gt; <strong>Purchase orders</strong> &gt; <strong>All purchase orders</strong>.</p>
</li>
<li>
<p>Click <strong>Purchase order</strong> to create a new purchase order.</p>
</li>
<li>
<p>In the <strong>Create purchase order</strong> form, select the vendor account in the <strong>Vendor account</strong> field.</p>
</li>
<li>
<p>In the <strong>Bank document type</strong> field, select <strong>Letter of credit</strong>, and then click <span class="label">OK</span>. When the <strong>Bank document type</strong> field is set as <strong>Letter of credit</strong>, the purchase order is displayed in the list of letters of credit in the <strong>Cash and bank management</strong> module. Because the letter of credit details have not yet been added, the <strong>Require update</strong> check box on the <strong>Cash and bank management</strong> &gt; <strong>Common</strong> &gt; <strong>Letters of credit</strong> &gt; <strong>Import letter of credit/import collection</strong> list page is selected.</p>
</li>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Common</strong> &gt; <strong>Letters of credit</strong> &gt; <strong>Import letter of credit/import collection</strong>. Double-click the order number associated with the letter of credit to be updated.</p>
<p>-or-</p>
<p>In the <strong>Purchase order</strong> form, click the <strong>Manage</strong> tab, and then click <strong>Letter of credit / import collection</strong>.</p>
</li>
<li>
<p>Click the <strong>General</strong> FastTab, and in the <strong>Bank account</strong> field, select the bank that assigns the letter of credit. In the <strong>Bank document number</strong> field, enter the document number specified by the bank.</p>
</li>
<li>
<p>Click the <strong>Lines</strong> FastTab, and then click <strong>Add line</strong> to add shipment details. Enter the necessary values in the <strong>Amount</strong>, <strong>Expected maturity date</strong>, <strong>Actual maturity date</strong>, and <strong>Document status</strong> fields. Click <strong>Fetch purchase order shipments</strong> to view the shipment details that are already specified in the purchase order lines or delivery schedule. Click <strong>Shipment margin transactions</strong> to open the <strong>Shipment margin</strong> form to view the shipment margin transactions for the selected shipment.</p>
</li>
<li>
<p>Optional: Click the <strong>Bank document</strong> FastTab, and then specify details in the <strong>Documentary credit type</strong>, <strong>Documentary credit nature</strong>, and <strong>Expiration date</strong> fields. A letter of credit can be either <strong>Irrevocable</strong> or <strong>Revocable</strong>. It can be <strong>Non transferable</strong>, <strong>Transferable</strong>, or <strong>Revolving</strong> in nature.</p>
</li>
<li>
<p>Optional: Click the <strong>Bank details</strong> FastTab, and then enter the advising bank details in the <strong>Advising bank</strong> and <strong>Date of issue</strong> fields.</p>
</li>
<li>
<p>Optional: Click the <strong>Terms</strong> FastTab, and then specify the shipment terms and payment terms for the letter of credit.</p>
</li>
<li>
<p>Optional: Click the <strong>Insurance</strong> FastTab to specify details of the insurance request submitted by the vendor in the <strong>Insurance status</strong>, <strong>Insurance vendor number</strong>, and <strong>Insurance number</strong> fields.</p>
</li>
<li>
<p>Click <strong>Confirm</strong> to confirm the letter of credit. The <strong>Facility balance</strong> field is updated based on the value in the <strong>LC / IC Amount</strong> field. The <strong>Amount used</strong> field in the <strong>Bank facility agreement details</strong> form is updated with the letter of credit amount.</p>
<p>The letter of credit details are confirmed only if the line amounts total equals the <strong>LC / IC Amount</strong> and it does not exceed the amount available for the particular facility type.</p>
</li>
<li>
<p>Click <strong>Print application</strong> to print the letter of credit application form to be submitted to the bank.</p>
</li>
</ol>
<div><strong><span style="font-size: 12pt;"><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Amend the letter of credit details</span></a></span></strong></div>
<div class="sectionblock">
<p>If the purchase order details change, you must update the letter of credit details before you invoice the purchase order completely. You can modify a confirmed letter of credit only when the letter of credit has a <strong>Confirmed</strong> status. The bank may charge a fee for amending an existing letter of credit.</p>
<ol>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Common</strong> &gt; <strong>Letters of credit</strong> &gt; <strong>Import letter of credit/import collection</strong>. Double-click the import letter of credit or import collection to be amended.</p>
<p>&ndash;or&ndash;</p>
<p>Click <strong>Procurement and sourcing</strong> &gt; <strong>Common</strong> &gt; <strong>Purchase orders</strong> &gt; <strong>All purchase orders</strong>. Select a purchase order, and then on the <strong>Manage</strong> tab, click <strong>Letter of credit / import collection</strong>.</p>
</li>
<li>
<p>Click <strong>Amend</strong>, and then amend the letter of credit details. You can change the letter of credit amount or number of shipments, if required. You can edit the shipment details only if the packing slip or invoice is not posted. If you delete a shipment line detail for which the margin was already allocated, the allocated amount is reversed to an unallocated amount in the <strong>Letter of credit margin transactions</strong> form.</p>
<div class="alert">&nbsp;</div>
</li>
<li>
<p>Click <strong>Confirm</strong> to confirm the changes made to the letter of credit. Changes must be confirmed to be saved as amendments. Each confirmed amendment results in a new version of the letter of credit. This helps to track the revision history of the letter of credit. If shipment line details are changed, the letter of credit details are confirmed only if the total shipment amount does not exceed the letter of credit amount.</p>
</li>
<li>
<p>Click <strong>Inquiries</strong> to open the <strong>Letter of credit/import collection history</strong> form, and then view the amendment history of the letter of credit.</p>
</li>
<li>
<p>Close the forms to save your changes.</p>
</li>
</ol>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Post a margin payment for a letter of credit</span></a></strong></span></div>
<div class="sectionblock">
<p>When you receive letter of credit advice from the bank, you can check the margin collected by the bank and post it in a <strong>General journal</strong> of the type <span class="label">Daily</span>. To post the transaction against the appropriate posting profile, the <strong>Transaction type</strong> field must be selected as <strong>Margin</strong>.</p>
<ol>
<li>
<p>Click <strong>General ledger</strong> &gt; <strong>Journals</strong> &gt; <strong>General journal</strong>.</p>
</li>
<li>
<p>Press CTRL+N to create a new journal.</p>
</li>
<li>
<p>In the <strong>Name</strong> field, select a daily journal, and then click <strong>Lines</strong> to open the <strong>Journal voucher</strong> form.</p>
</li>
<li>
<p>In the <strong>Debit</strong> field, enter the margin amount collected by the bank.</p>
</li>
<li>
<p>Click the <strong>Payment</strong> tab, and then in the <strong>Transaction type</strong> field, select <strong>Margin</strong>. The values in the <strong>Account type</strong>, <strong>Account</strong>, <strong>Offset account type</strong>, and <strong>Offset account</strong> fields are displayed according to the posting profile.</p>
</li>
<li>
<p>In the <strong>Letter of credit / import collection</strong> field, select the bank document number associated with the letter of credit.</p>
</li>
<li>
<p>Click <strong>Post</strong> &gt; <strong>Post</strong> to post the journal.</p>
</li>
<li>
<p>Close the form to save your changes. The margin amount for the letter of credit is recorded in the <strong>Letter of credit margin transactions</strong> form.</p>
</li>
</ol>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Allocate the margin amount to the shipment</span></a></strong></span></div>
<div class="sectionblock">
<p>To adjust the margin amount at the time of invoicing (partially or completely), the margin amount must be allocated to each shipment. You can use the <strong>Letter of credit margin transactions</strong> form to allocate the margin amount across shipments for a letter of credit.</p>
<ol>
<li>
<p>Click <strong>Cash and bank management</strong> &gt; <strong>Common</strong> &gt; <strong>Letters of credit</strong> &gt; <strong>Import letter of credit/import collection</strong>. Double-click the import letter of credit or import collection for which the margin amount must be allocated to the shipment.</p>
</li>
<li>
<p>Click <strong>Bank document margin</strong> to open the <strong>Letter of credit margin transactions</strong> form.</p>
</li>
<li>
<p>Select the margin amount line to be allocated, and then click <strong>Allocate to shipment</strong> to open the <strong>Allocate on</strong> drop dialog.</p>
</li>
<li>
<p>In the <strong>Allocation type</strong> field, select <strong>Dedicated</strong> to allocate the margin amount to a particular shipment or select <strong>Distributed</strong> to allocate the margin amount proportionally among all shipments that are not invoiced. Select the shipment number in the <strong>Shipment number</strong> field.</p>
<p>You can allocate margin amounts only if the value in the <strong>Balance</strong> field is greater than zero and the shipment that you are allocating to is not already invoiced. If you select <strong>Distributed</strong> in the <strong>Allocation type</strong> field, the shipment share of the margin amount is calculated as following:</p>
<p>Shipment Share = Margin amount multiplied by (Shipment amount/Letter of credit amount).</p>
</li>
<li>
<p>Click <span class="label">OK</span> to return to the <strong>Letter of credit margin transactions</strong> form. The <strong>Allocated</strong> field is updated with the margin amount that was allocated, and the status is updated as <strong>Posted</strong>.</p>
</li>
<li>
<p>Close the form to save your changes.</p>
</li>
<li>
<p>In the <strong>Letter of credit / import collection</strong> form, click the <strong>Lines</strong> FastTab, and then click <strong>Shipment margin transactions</strong> to open the <strong>Shipment margin</strong> form and view the margin amount allocated to a shipment.</p>
</li>
</ol>
<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Post a packing slip and an invoice for the purchase order</span></a></strong></span></div>
<div class="sectionblock">
<p>After the margin is allocated to the shipment, you can post a packing slip and register an invoice for the purchase order. When you post a packing slip, you can specify the shipment number to map the shipment with the delivery. You cannot post the invoice or update a packing slip unless the letter of credit shipment line amount either equals the invoice amount or the shipment variation is within the tolerance limit specified in the <strong>Tolerance percentage</strong> field in the <strong>Letter of credit / import collection</strong> form.</p>
<ol>
<li>
<p>Click <strong>Procurement and sourcing</strong> &gt; <strong>Common</strong> &gt; <strong>Purchase orders</strong> &gt; <strong>All purchase orders</strong>.</p>
</li>
<li>
<p>Select the purchase order for the letter of credit that must be invoiced, and then double-click the purchase line to open the <strong>Purchase order</strong> form.</p>
</li>
<li>
<p>Click the <strong>Receive</strong> tab, and then click <strong>Product receipt</strong> to open the <strong>Posting product receipt</strong> form. Select the shipment number in the <strong>Shipment number</strong> field, and then click <span class="label">OK</span> to post the packing slip.</p>
</li>
<li>
<p>Click the <strong>Invoice</strong> tab, and then click <strong>Invoice</strong> to open the <strong>Vendor invoice</strong> form. Select the shipment number in the <strong>Shipment number</strong> field, and then click <span class="label">OK</span> to post the invoice. The invoice amount must be equal to the shipment amount. The shipment status is set as <strong>Invoiced</strong>.</p>
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<p>Close the forms to save your changes.</p>
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<div><span style="font-size: 12pt;"><strong><a class="LW_CollapsibleArea_TitleAhref" title="Click to collapse. Double-click to collapse all."><span class="LW_CollapsibleArea_Title">Make a payment for the invoice</span></a></strong></span></div>
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<p>After the purchase order is invoiced, you can make the payment and settle the accounts. The payment for the letter of credit must be equal to the amount due minus the margin amount because the margin amount is already collected by the bank. The payment must be within the tolerance limit for the letter of credit.</p>
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<p>Click <strong>General ledger</strong> &gt; <strong>Journals</strong> &gt; <strong>General journal</strong>.</p>
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<p>Press CTRL+N to create a new journal.</p>
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<p>In the <strong>Name</strong> field, select a daily journal, and then click <strong>Lines</strong> to open the <strong>Journal voucher</strong> form.</p>
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<p>Enter the required information.</p>
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<p>Click the <strong>Payment</strong> tab, and then in the <strong>Transaction type</strong> field, select <strong>Settlement</strong>.</p>
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<p>In the <strong>Letter of credit / import collection</strong> and <strong>Shipment number</strong> fields, select the bank document number associated with the letter of credit and the shipment number.</p>
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<p>Click <strong>Post</strong> &gt; <strong>Post</strong> to post the journal. After the settlement invoice is posted, the letter of credit status is set as <span class="label">Closed</span>. The bank account is credited with the amount. The shipment status is set as Paid. You can close a letter of credit only after all the lines are settled against payments. &nbsp;</p>
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</div>2015-08-05T13:54:30-07:00